Anyone who files for either Chapter 7 or Chapter 13 bankruptcy will have to take part in a meeting of the creditors. This is often also referred to as the Section 341 meeting. Many people have anxiety about this meeting because often times, the creditors they owe money to appear and ask questions. However, with the help of an experienced bankruptcy attorney, this meeting truly does not need to be as intimidating as people have a tendency to make it out to be. Unfortunately, this trend seems to be true across many aspects of bankruptcy. However, instead of fearing bankruptcy, people should embrace it as a fresh start.
The 341 meeting really just gives you the opportunity to explain your situation to the creditors and the representative of the bankruptcy court. You may be asked questions about your financial situation and about why you haven’t been able to pay your debts. Some of the questions that you might be asked include the accuracy of documents and information provided, whether you have filed for bankruptcy in the past, whether you have an obligation to make child or spousal support payments, among other things. Your bankruptcy attorney will meet with you beforehand to help you get prepared for this meeting.
If you feel as though you are in a difficult financial situation, it may be time to sit down with a bankruptcy attorney and discuss your options.
If you require the services of an experienced bankruptcy attorney, contact the Law Offices of Allen A. Kolber, Esq.today to schedule a consultation and discuss your options.